City of Madison - File #: 57259

• File #: 57259
• Version: 1
• Name: General Obligation Promissory Notes, Series 2019-A $80,410,000
• Type: Resolution
• Status: Passed
• File created: 8/28/2019
• In control: Attorney's Office
• On agenda: 9/3/2019
• Final action: 9/17/2019
• Enactment date: 9/23/2019
• Enactment #: RES-19-00643
• Title: Resolution authorizing the issuance of $80,410,000 General Obligation Promissory Notes, Series 2019-A, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.
• Sponsors: Satya V. Rhodes-Conway

Date	Ver.	Action By	Action	Result
9/17/2019	1	COMMON COUNCIL	Adopt Unanimously Under Suspension of Rules 2.04, 2.24, & 2.25	Pass
9/17/2019	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/3/2019	1	COMMON COUNCIL	Referred
8/28/2019	1	Attorney's Office	Referred for Introduction

Fiscal Note

This resolution authorizes the issuance of general obligation promissory notes totaling $80,410,000 and an irrevocable property tax sufficient for the purpose of paying principal and interest on the notes.  These notes will be used to finance current year capital improvements authorized in the 2019 capital budget.  A description of the specific expenditure purposes is included in the resolution.  The true interest cost of this series is 1.99%.  Repayment is scheduled over the next 10 years, including $13 million in interest payments.

Title

Resolution authorizing the issuance of $80,410,000 General Obligation Promissory Notes, Series 2019-A, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.

Body

See attached Body.